Ann: EN1 Financial Commentary 2017-H12018 Part 1, page-11

Interesting to read these 'accounts'. Normalised EBITDA includes an 'impairment' 0f $1.2m on technology, but then states it is more like amortisation over time? Which is it? If amortisation then I would not consider the a valid normalisation ( amortisation is a normal expense in this context) but if an impairment then it is a valid normalisation ( but infers that the tech carrying value is not supported by future cashflow- a problem in itself.

Then the AP normalisation - also strange and whilst I agree that it is better that this was booked and then written back to profit - the commentary states that a significant amount relates to 2014 - so once again a one off gain that will be booked in future but to account for it all in 2018 normalisations is a bit off the mark - underlying 2018 results should not get this benefit

I would therefore suggest that on a normalised basis on what is attributable to one off, abnormal or adjustments, then normalised EBITDA for H1 2018 is still negative - likely in the range of ($1-2m) depending on any clarifications to my assumptions.

Whilst the announcements are 'positive' there seems a lack of financial nuance that the market is clearly not buying at the moment.

If revenues of $18m can be hit ( it says 'probably') then we may see a re rAte, but the story is far from convincingly articulated at the moment.

A turning point in sentiment and a solid result would be the mother of all buys imo. Just don't jump the gun in case the market really has this right......